Bharti Airtel gains as buyout to boost 4G presence

The company has acquired 100% stake in Augere Wireless Broadband India

Shares of Bharti Airtel were up nearly 2% at Rs 346 after the company said it has acquired Augere Wireless Broadband India which holds 20 MHz of BWA spectrum in the telecom circle of Madhya Pradesh and Chhattisgarh.

"The company has signed a definitive agreement to acquire 100 per cent equity stake in Augere, which holds BWA (4G) spectrum in the telecom circle of Madhya Pradesh and Chhattisgarh," the company said.

Following the acquisition, Bharti Airtel can now offer 4G services to nine circles across 300 cities and towns, it said.

The stock touched a high of Rs 350 and a low of Rs 343. At 10:40AM, over 1.2 million shares were traded on both the stock exchanges.